Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up.
Charlie MungerIt took us months of buying all the Coke stock we could to accumulate $1 billion worth - equal to 7% of the company. It's very hard to accumulate major positions.
Charlie MungerA director who gets $150,000 per year from a company and needs the money is not independent.
Charlie MungerDevelop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.
Charlie MungerEconomists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest.
Charlie Munger